Senator Durbin has been attempting to get a bill entitled “Helping Families Save the Homes” passed. The bill has been introduced in the last few sessions of congress but has never been able to get passed. Now with the economy in jeopardy and many families facing loosing their homes, the bill has gained traction and looks to be on course to get passed in the near future.

As the title suggests, the bill is aimed at keeping families in their homes. The bill does this by making it tougher for lenders to foreclose on homeowners. Another way in which the bill attempts to protect homeowners is to allow Judges the ability to modify loans in bankruptcy proceedings. This will give Judges more options when a consumer files for bankruptcy. Under the old system the house was either full discharged or was handed over to the bank. The new bill would change the all or nothing standard and give Judges a compromise option by way of modification.